423 PALACE Road, Kingston, Ontario, K7L4T5
Sellers Overview: Williamsville, Kingston legal triplex with rental agreements in place. August rents: 2400+2500+2620 a month = $7,520. Fully furnished units, this 2x2br, 1x1br has a near zero vacancy rate due to its proximity to Queens and hospitals. Frequently rented by physicians, foreign grad students and post-doc students. Turn key operation showing an attractive 7.9% cap rate. Has been managed nearly exclusively online with tools available and offers self-check-in with keyless locks, making this investment perfect for an investor looking to DIY it, but not so much in person, to keep overhead costs down. A solar hot water heater, vinyl windows and upgraded insulation, means the utility bills are much lower than you'd expect. Numerous upgrades have been done. Low maintenance inside and out. Present owner has a housekeeper and inexpensive lawn and snow services in place, that are transferable if you wish. Typical tenancies are 1 yr or so, allowing for rent increases annually to keep pace with the rising market prices. (id:2471)
- Property Address: 423 PALACE Road, Kingston, Ontario, K7L4T5
- Property Type: Multi-family
- Zoning Description: UR5
- Title: Freehold
- Acreage: under 1/2 acre
- Sewage Type: Municipal sewage system
- Water Type: Municipal water
- Total Parking Spaces: 4
- Structure Style: Triplex
- Storeys: 2
- Floor Space: 2000
- Bedrooms: 5
- Bathrooms: 3-Total
- Basement Type: Full (Finished)
- Heating Type: Natural gas, Forced air
- Cooling: Central air conditioning
- Exterior Type: Vinyl siding
Listing Office: Re/Max Rise Executives, Brokerage
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